The volume of import-export operations with nine countries surpasses U.S. $ 1 billion. Italy, Israel, France, Germany, USA, Russia, Turkey, India and Indonesia account for over 64% ($ 19,638 million) turnover of Azerbaijan since the beginning of this year.
According to the State Customs Committee, in January-November 2012 Azerbaijan maintained active import-export ties with 24 countries of the world, which accounted for $ 26,630 million, or 87.2% of the total foreign trade turnover of the country.
According to the customs of Azerbaijan for 11 months of the year the trade turnover with Russia amounted to $ 2,052 million, which was 21.6% less than in the comparable period of 2011. Interestingly, about the same percentage was increase in the trade with Turkey, which amounted to $ 1,836 million. - 08B -
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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